London’s Smithfield meat market is set to close after more than 800 years, with trading expected to cease for good after 2028.
The City of London Corporation, which runs the site, said on Tuesday its council voted to stop operating Smithfield and Billingsgate fish market.
The original plan had been to relocate the markets to a £1bn development in Dagenham, but a sharp rise in construction costs and wider inflation forced a rethink.
Those plans were put on hold this month and the corporation confirmed it has formally ended its interest in the relocation on Tuesday.
The group said it will provide financial compensation to the traders, who will be able to continue at both markets until at least 2028.
In the meantime, the corporation will table a bill in Parliament on Wednesday to absolve it of responsibility of the market.
Chris Hayward, policy chairman of the City of London Corporation, claimed the move “represents a positive new chapter” for the markets, empowering traders to “build a sustainable future in premises that align with their long-term business goals”.
“By stepping back from direct market operations, we will help to create opportunities for these businesses to thrive independently,” he said.
“We’re committed to making sure they have the financial support and guidance they need to transition seamlessly and successfully to new locations.”
A market has existed around the Smithfield site for more than 800 years, with the corporation given the right to run it and other wholesale food markets in 1327.
The current site was built in 1868 and designed by architect Sir Horace Jones, who was also behind the redevelopment of Billingsgate in the same century.
However, the UK’s largest inland fish market was moved to Canary Wharf in 1982, with the corporation running the site and paying its ground rent.
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Dominic Twomey, leader of Barking and Dagenham Council, said it is “disappointing news”, but he understands the “financial pressures” and “soaring inflation”.
Plans to make a new London Museum on the Smithfield site won’t be impacted, the corporation said, while Billingsgate will be turned into housing, according to proposals.
